Walgreens Drugstore with
760 W Michigan Ave Kalamazoo, MI 49007
760 W Michigan Ave, Kalamazoo, MI, 49007
Contact for pricing
For Sale
Contact for pricing
Single-tenant Walgreens includes a drive-thru and operates under an absolute net lease with corporate guarantee.
Property Size14,550 SF
Price / SF$297.94
Days on Market85
Property Features for 760 W Michigan Ave
General Information
- Standard status
- Active
- Size
- 14,550 SF
- Property subtype
- Retail
Building Details
- Year Built
- 2014
Listing agency
Marcus & Millichap - Detroit
Listed by
Ashish Vakhariya · License #MI 6501322501
Source
Crexi
Added: Apr 29 Updated: Jul 21 at 3:06PM Checked: Jul 21 at 3:06PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Detroit
Investment Insights
Based on property information with market context.
This Walgreens property is a single-tenant, investment-grade retail building offered for sale on an absolute net lease structure. The store is approximately 14,550 square feet and sits on approximately 1.49 acres. The property features strong street presence and convenient access, and includes a drive-thru. The offering also includes beer and wine sales.
The location is on West Michigan Avenue in downtown Kalamazoo, along a high-traffic corridor. The description notes approximately 20,707 vehicles per day on West Michigan Avenue and approximately 15,397 vehicles per day on nearby West Main Street, with convenient access near the I-94 Business Loop.
Walgreens operates under an absolute net lease with a corporate guarantee and approximately eight years remaining on the lease term, and the tenant performance is described as providing investors with stable income and minimal landlord responsibilities.
The location is on West Michigan Avenue in downtown Kalamazoo, along a high-traffic corridor. The description notes approximately 20,707 vehicles per day on West Michigan Avenue and approximately 15,397 vehicles per day on nearby West Main Street, with convenient access near the I-94 Business Loop.
Walgreens operates under an absolute net lease with a corporate guarantee and approximately eight years remaining on the lease term, and the tenant performance is described as providing investors with stable income and minimal landlord responsibilities.
Key Highlights
- Single‑tenant Walgreens operating under an absolute net lease with corporate guarantee
- 14,550 SF building on approximately 1.49 acres, built in 2014
- Drive‑thru included; beer and wine sales
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $191.2k | $13.14 |
| − Vacancy | −$9.2k | −$0.63 |
| EGI | $182.0k | $12.51 |
| − OpEx | −$45.5k | −$3.13 |
| NOI | $136.5k | $9.38 |
14,550 SF · lease $13.14/SF/yr · vacancy 4.80% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.95M
$1.71M – $2.28M
NOI $136,508 @ 7.0% cap · market cap 3.15%
Second Best
Retail
$1.43M
$1.25M – $1.67M
NOI $100,343 @ 7.0% cap · market cap 2.31%
Theoretical Best
Warehouse
$3.81M
$3.33M – $4.44M
NOI $266,521 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
FedEx OnSite
Postal Service
Redbox
Cinema
Walgreens
Pharmacy
Walgreens Pharmacy
Pharmacy
Walgreens Photo
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
Similar Off Market Nearby
- OptiMed Pharmacy (Oakland Drive) — 1000 Oakland Dr, Kalamazoo, MI 49008
- Cynthia L. Feucht, PharmD — 1000 Oakland Dr, Kalamazoo, MI 49008
- Andrew J. Reeves, RPH — 1000 Oakland Dr, Kalamazoo, MI 49008
- Kalamazoo Long Term Care — 1000 S Burdick St, Kalamazoo, MI 49001
- Wmed Family Medicine — 1000 Oakland Dr, Kalamazoo, MI 49008
FAQs
What type of property is this?
Drug store - Single-tenant Walgreens includes a drive-thru and operates under an absolute net lease with corporate guarantee.
Where is this drug store located?
The property is located at 760 W Michigan Ave Kalamazoo, MI.
What is the asking price?
The asking price for this property is $4,335,000.
What are key features of this property?
This property features: Single‑tenant Walgreens operating under an absolute net lease with corporate guarantee; 14,550 SF building on approximately 1.49 acres, built in 2014; Drive‑thru included; beer and wine sales
